Given the following items and costs as of the balance sheet date, determine the value of...
|
Given the following items and costs as of the balance sheet date, determine the value of Faltron Company's merchandise inventory. |
|
- $1,450 goods sold by Faltron to another company. The goods are in transit and shipping terms are FOB destination. |
|
- $2,900 goods sold by another company to Faltron. The goods are in transit and shipping terms are FOB destination. |
|
- $4,350 owned by Faltron but in the possession of another company, the consignee. |
|
- Damaged goods owned by Faltron that originally cost $5,800 but now have a $725 net realizable value. |
$7,250
$6,525
$7,975
$9,425
$14,500
Homework Answers
Answer: $6,525
Faltron Companys Merchandise Inventory:
Goods Sold by Faltron = $1,450
Goods owned by Faltron = $4,350
Damaged goods Net Realized value = $725
Total Merchandise of Faltron company = $1,450 + $4,350 + $725 = $6,525
Add Answer to:
Given the following items and costs as of the balance sheet
date, determine the value of...
Given the following items and costs as of the balance sheet date, determine the value of...
Given the following items and costs as of the balance sheet date, determine the value of Sheldon Company's merchandise inventory. 1. $1,400 goods sold by Sheldon to another company. The goods are in transit and shipping terms are FOB destination 2. $1,900 goods sold by another company to Sheldon. The goods are in transit and shipping terms are FOB destination, 3. $2,500 owned by Sheldon but in the possession of another company, the consignee. 4. Damaged goods owned by Sheldon...
Hi this is for my study guide, please show work where its applicable. Much appreciated. 1....
Hi this is for my study guide, please show work where its
applicable. Much appreciated.
1. A merchandising company:
A. earns net income by buying and selling merchandise
B. Receives fees only in exchange for services
C. Earns profit from commissions only
D. Earns profit from fares only
E. Buys products from consumers
2. Cost of goods sold:
A. Is another term for merchandise sales
B. Is the term for the cost of buying and preparing merchandise
for sale
C....
CHAPTER 6 16. Damaged and obsolete goods that can be sold: A. Are never counted as...
CHAPTER 6 16. Damaged and obsolete goods that can be sold: A. Are never counted as inventory. B. Are included in inventory at their full cost. C. Are included in inventory at their net realizable value. D. Should be disposed of immediately. E. Are assigned a value of zero. 17. Merchandise inventory includes: A. All goods owned by a company and held for sale. B. All goods in transit. C. All goods on consignment. D. Only damaged goods. E. Only...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $211,500....
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $211,500. The following additional information is also available: Plunkett sold and shipped goods costing $37,300 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $211,500. Plunkett purchased goods costing $43,300 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000....
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000. The following additional information is also available: • Plunkett sold and shipped goods costing $37,800 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending Inventory amount of $214,000. • Plunkett purchased goods costing $43,800 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of...
Peete Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each...
Peete Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking. (a) 900 units of inventory shipped on consignment by Peete to another company. (b) 3,000 units of inventory in transit from a supplier shipped FOB destination. (c) 1,200 units of inventory sold but being held for customer pickup. (d) 500 units of inventory held on consignment from another company. We were unable to transcribe...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $810 were being used by a customer on a trial basis and were...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
The trial balance for Terry’s Auto Shop as of January 1, Year 2, follows:
The following events affected the company during the Year 2 accounting period:Purchased merchandise on account that cost $4,170.The goods in Event 1 were purchased FOB shipping point with freight cost of $210 cash.Returned $410 of damaged merchandise for credit on account.Agreed to keep other damaged merchandise for which the company received an $255 allowance.Sold merchandise that cost $2,660 for $13,000 cash.Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $145 cash.Paid $2,900 on...
Given the following items and costs as of the balance sheet date, determine the value of Sheldon Company's merchandise inventory. 1. $1,400 goods sold by Sheldon to another company. The goods are in transit and shipping terms are FOB destination 2. $1,900 goods sold by another company to Sheldon. The goods are in transit and shipping terms are FOB destination, 3. $2,500 owned by Sheldon but in the possession of another company, the consignee. 4. Damaged goods owned by Sheldon...
Hi this is for my study guide, please show work where its
applicable. Much appreciated.
1. A merchandising company:
A. earns net income by buying and selling merchandise
B. Receives fees only in exchange for services
C. Earns profit from commissions only
D. Earns profit from fares only
E. Buys products from consumers
2. Cost of goods sold:
A. Is another term for merchandise sales
B. Is the term for the cost of buying and preparing merchandise
for sale
C....
CHAPTER 6 16. Damaged and obsolete goods that can be sold: A. Are never counted as inventory. B. Are included in inventory at their full cost. C. Are included in inventory at their net realizable value. D. Should be disposed of immediately. E. Are assigned a value of zero. 17. Merchandise inventory includes: A. All goods owned by a company and held for sale. B. All goods in transit. C. All goods on consignment. D. Only damaged goods. E. Only...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000. The following additional information is also available: • Plunkett sold and shipped goods costing $37,800 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending Inventory amount of $214,000. • Plunkett purchased goods costing $43,800 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of...
Peete Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking. (a) 900 units of inventory shipped on consignment by Peete to another company. (b) 3,000 units of inventory in transit from a supplier shipped FOB destination. (c) 1,200 units of inventory sold but being held for customer pickup. (d) 500 units of inventory held on consignment from another company. We were unable to transcribe...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $810 were being used by a customer on a trial basis and were...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Most questions answered within 3 hours.
-
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 1 minute ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 13 minutes ago -
What's the streaming business's problem on the
horizon?
asked 1 hour ago -
I need help with writing the conclusion for this online lab
report
Abstract
By testing the...
asked 1 hour ago -
For the reaction 1N2+3H2-----> 2NH3, would the reaction rate
trend be: delta[NH3]/ delta t = -2...
asked 1 hour ago -
Within your current/past organization, identify a problem/issue
and format a design to address same. You may...
asked 1 hour ago -
A sock stuck to the side of a clothes-dryer barrel has a
centripetal acceleration of 24...
asked 2 hours ago -
A perfect gas undergoes an isentropic process such that its
volume doubles. If the ratio of...
asked 3 hours ago -
list the elements in groups 3A to 6A in the same order as in the
periodic...
asked 3 hours ago -
Estimating effect size. Peng and Chen (2014)
evaluated effect size estimates for various tests. In their...
asked 3 hours ago -
Write a script in MySQL that creates and calls a stored
procedure name test. This procedure...
asked 3 hours ago -
If we test the following: H0: μ = 17
vs. H1: μ ≠ 17 and the...
asked 3 hours ago